Oil prices in Asia surged on Wednesday as U.S. crude inventories were lower than what was expected as reported by the American Petroleum Institute.
U.S. Crude Oil Futures had a 1% increase ($55.48/barrel) and International Brent Oil Futures climbed 0.7% ($59.44/barrel).
The API data revealed the extremely low inventories of U.S. crude which plunged by 11.1 million barrels from the forecasted 2 million barrel loss.
The Agency Information Administration will also be releasing its data of petroleum inventories that anticipates a 2.1 million barrel fall for the week.
The unyielding U.S. – China trade war also causes oil prices to surge. But the latest development that China is open to peaceful negotiations with the U.S. for a trade deal somewhat helped stabilize the oil prices and the global oil market.